The number of new companies incorporating in Hong Kong increased by almost 12% last year compared with 2004, although 2005 saw a fall in the number of new foreign company registrations over the previous year, according to new figures released by the Companies Registry.
Last year saw 73,359 new local companies incorporated, up 11.9% on 2004, the figures show. However, the number of new overseas companies that had established business in the SAR and registered fell 15.65%, to 620.
The total number of live companies and overseas companies registered was 549,232 and 7,488, up 30,252 and 209 from the end of 2004.
During the year, a total of 269 prospectuses, including 96 mutual funds, were registered, compared with 334 prospectuses, including 174 mutual funds, in 2004.
Nonetheless, a report published last month by InvestHK, the Hong Kong government's investment promotion department, suggests that the city remains near the top of the list of preferred destinations for foreign investors.
According to Invest Hong Kong's Director-General Mike Rowse, his department helped 232 foreign companies set up or expand operations in 2005 - an increase of 13% compared with the 205 companies it assisted in 2004. Together, these companies invested more than $8.9 billion - 91% growth over the 2004 record total.
According to the World Investment Report 2005 released by the United Nations Conference on Trade & Development, Hong Kong remained the second-largest foreign direct investment recipient in Asia, after mainland China.
Meanwhile, the registry has also announced that it has expanded its prosecution programme by increasing the number of summonses issued since July last year.
The total number of summonses issued last year against companies for breaches of the Companies Ordinance, mainly for failures to file annual returns, was 3,462, compared with 1,474 in 2004.
The total amount of fines imposed for convictions last year was about $9.6 million, compared with some $5.7 million in 2004.
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